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the next crisis will be over food

  1. 123 Posts.
    Forget credit and oil - the next crisis will be over food. Gillian Tett’s regular Friday FT column on the credit crisis has been a “must read”.

    Today’s article on the coming food crisis is pretty chilling.

    By Gillian Tett

    Published: February 15 2008 02:00 | Last updated: February 15 2008 02:00

    I used to think that the fastest way to become worried about markets was to stare into the bowels of a monoline. No longer. A few days ago, I happened to hear Goldman Sachs discuss the state of the global financial system with European clients.

    And what struck me most forcefully from this analysis - aside from the usual, horrific litany of bank woes - was just how much trouble is quietly brewing in corners of the commodities world.

    Instead, what is really catching the attention of Goldman Sachs now is the outlook for agricultural prices. Or as Jeff Currie, head of commodities research at the US bank, says with disarming cheer: "We think we could go into crisis mode in many commodities sectors in the next 12 to 18 months . . . and I would argue that agriculture is key here.

    Anyone who thinks this decade's problems start and end with credit, in other words, may yet receive a rude shock; sadly, we live in a world where soyabeans may yet pack as painful a punch as subprime.

    [email protected]

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